A new program in South Lake Tahoe lets people improve the energy and water efficiency of their commercial properties and then finance the improvements with an assessment lien and additional property tax payments.
South Lake Tahoe City Council approved the Property Assessed Clean Energy program this week and is partnering with Figtree Financial, a San Diego-based firm that will market the program and offer private funding to pay for the property improvements.
The program lets property owners finance 100 percent of the cost of eligible improvements. It will pay for solar energy systems, energy efficient windows, doors, roofing, insulation, lighting and heating and air conditioning, as well as low-flow bathroom fixtures, toilets and irrigation controls
What is Figtree OnDemandPACE™ Financing?
Property Assessed Clean Energy (PACE) Financing allows up to 20% of a property’s value to be financed for energy efficiency, renewable energy, or water conservation upgrades. The financing creates an assessment lien on the property and is repaid as semi-annual installments on the property tax bill.
No money required upfront: preserve cash for future projects
Fixed low interest rates: payments are constant for the life the lien
Long term financing: up to 20 years based on the useful life of the improvement
Qualifying based on property: no business credit or personal guarantee required
Get tax incentives and rebates: property owner owns the equipment and keeps incentives